The Developmental History of Monero

August 12, 2018 Quick read

The Monero coin is regarded as the most anonymous cryptocurrency ever to exist. The world governments are trying to make the rules of Monero much liberal to keep the data public, but their efforts are proving to be futile. The Monero coin is sticking to the regulation based on which Monero was developed. The Monero coin was much more advanced than other altcoins which made it one of the favourites of the investors from all over the world. The Monero coin had a struggling history but have a successful present which was resulted from the struggle. Monero was connected with many illegal activities in the past and it has also been connected with the success stories of many people. Hence the Monero coin had both good and bad histories.

Monero was an open-source cryptocurrency founded back in the April month of 2014. The Monero was a much more secured cryptocurrency than many other altcoins. This made Monero more favourable for investors. The Monero uses an extremely complex public ledger that is nearly impossible to understand. The address of sender and receiver, the source of origin, transferred amount, etc are kept rigorously encrypted and scribbled which makes it harder for any third party to conceive the data. Monero uses the standard Proof of Work mechanism to issue new coins and also encourages miners with attractive rewards to secure the network and validate transactions. Monero was able to make a place in the market by employing the above-mentioned features. Here is a much brief view on the history of Monero which will help you understand Monero more clearly.

Launch of BitMonero

The cryptocurrency was not a new concept anymore when BitMonero was introduced. The BitMonero was originated as a fork by a community named thankful_for_today from the infamous Bytecoin which was accused of faking the signatures, timestamps, and references. Even though they tried to deny the accusation by publishing a paper in 2017 clarifying their actions, it was too late as the BitMonero was taking off gradually.

Rise of Monero

The BitMonero was a fork from bytecoin. The name BitMonero was derived from Bitcoin (famous cryptocurrency) and Monero (their actual project). But unfortunately, the community that supported the fork eventually left which left BitMonero in cold and was forgotten. Later on, a group lead by Johnny Mnemonic decided that the community should take over the project of BitMonero. After five days the community released the cryptocurrency project under the name Monero.

Ownership disputes

As the community gradually went forward with the development thankful_for_today came back re-claiming the ownership. They started pushing merged-mining with Bytecoin which was not well received by the developers and the community at that time. Then Tacotime then emerged and threaten to fork the project from thankful_for_today. Hence Tacotime becomes the face of Monero cryptocurrency.

Monero attacks and improvements

In the September of 2014, the Monero cryptocurrency was attacked by an unknown party. The attacker exploited the flaw in the CryptoNote which governed the security of Monero coin. This attack caused the halt of Monero transaction which made a significant loss in their business. The Monero, later on, strengthened the privacy and security of the cryptocurrency in January of 2017 with the help of a confidential transaction algorithm improving the version of ring signature.

Monero now

Today, Monero has a core team of 7 members, 49 developers, and 3 researchers with any official head. The community of Tacotime was forced to step down from Monero ownership in the month of March 2018. Now Monero is included in the top multi-billion dollar cryptocurrency in the world where it ranks 12th. The current market capital of Monero coin is around a billion dollars. There are many online Monero Exchange platforms that have constantly supported Monero for a long time.

The Monero coin is recognized for its anonymity, security, and its robust platform. The Monero coin has seen many struggles in its upcoming, but it has been able to overcome the challenges with hard work and the features that they provide. The Monero coin has been a really successful cryptocurrency and still begins to remain one of the best cryptocurrency in the market.